https://www.taxtmi.com/caselaws?id=373308 The High Court upheld the Tribunal's findings in a tax case, dismissing the Revenue's appeal. It was determined that the expenses incurred by the respondent-assessee were allowable, interest paid and received were interconnected, and the business was set up and ready for commencement. Despite objections, evidence of operational activities and financial transactions supported these conclusions, leading to the allowance of deductions for interest paid under Section 57 of the Income Tax Act. en-us Wed, 12 Dec 2018 00:00:00 +0530 Thu, 10 Jan 2019 10:59:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=373308 The High Court upheld the Tribunal's findings in a tax case, dismissing the Revenue's appeal. It was determined that the expenses incurred by the respondent-assessee were allowable, interest paid and received were interconnected, and the business was set up and ready for commencement. Despite objections, evidence of operational activities and financial transactions supported these conclusions, leading to the allowance of deductions for interest paid under Section 57 of the Income Tax Act. Case-Laws Income Tax Wed, 12 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=373308